Global digital leader LG Electronics is the world’s leading supplier of air conditioning products for the second year in succession, according to JARN, the leading global trade magazine for the air conditioning industry.
The Korean industrial giant took 11.68 percent of the world’s 42.36-million unit air conditioning market with global sales in 148 markets of over 4.9 million, worth $1.5 billion, to maintain its 2000 market leadership when it sold over 4.1 million units.
LGE saw the success of its differentiated marketing strategies in the Middle East, the US, and Europe. Regional differentiated products included the Plasma Health Care series for the Middle East where an air purification function was added. Saudi Arabia was the largest market with sales of over $80 million, helping LG become the market leader in the Kingdom.
LG Gulf entered the construction sector in 2000 boosting annual sales to $125 million, a 60 percent increase in performance. In 2002, LGE plans to increase sales of not only room air conditioners, but also commercial air conditioners in the Middle East and India.
“We are aiming for global sales of $ 2.2 billion in 2003 and $3.5 billion in 2005. We will continue to deliver the world’s best air conditioning product and focus on expanding our global reach,” said Senior Vice President Hwan-Yong Noh of LGE Air Conditioner Business. “Out of last year’s $1.3 billion in sales, system air conditioners alone accounted for 15 percent. We plan to increase that portion to around 40 percent by 2005.” — (menareport.com)
© 2001 Mena Report (www.menareport.com)
